Download or read book Product Market Competition and Analyst Forecasting Activity written by In-Mu Haw and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we investigate how product market competition affects the extent of analyst following and the properties of analyst forecasts. Using a broad sample of firms from 37 countries over the 1990 to 2008 period, we find that firms that operate in more concentrated industries and with stronger pricing power are associated with greater analyst following, higher forecast accuracy, and lower forecast dispersion. Moreover, the effect of product market power on analyst following and forecast properties is more pronounced in countries with less effective competition laws and higher entry costs. These findings suggest that high industry concentration and a dominant market position enhance the earnings predictability of firms and lower their information uncertainty, and that country-level institutions that promote competition effectively constrain the power in product markets.
Download or read book The impact of product market competition on expected returns written by Chung-Shin Liu and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Competition and Earnings Management written by Guifeng Shi and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we employ a firm-level measure of product market competition constructed from the textual analysis of firms' 10-K filings and examine the relationship between managerial perceived competition pressure and firms' earnings management. We find that misstatement is positively related to product market competition, which is consistent with the notion that competition pressure increases managerial incentives to manage earnings. We also find that real earnings management is negatively related to product market competition. This suggests that real earnings management involves actions that decrease firms' competitiveness and is costly for firms under high competition pressure.
Download or read book Forecasting and Market Analysis Techniques written by George Kress and published by Praeger. This book was released on 1994-05-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sales forecasting and market analysis are the cornerstones of the planning process. Yet, these two tasks are usually performed by people with only limited training in either area because most firms do not have full-time forecasters/market analysts. The authors acknowledge this situation and attempt to describe the key techniques for forecasting sales and analyzing markets in a format that meets the needs of an audience with limited quantitative skills. In addition to its basic approach, another strength of this book is that it combines the coverage of two key activities--forecasting and market analysis--that are performed by the same person in most middle-sized (and smaller) firms. The book's contents and format were designed with two audiences in mind: persons assigned to develop forecasts and market analyses, but who are not specialists in either area, and persons who will be incorporating these results in their planning and decision making. The major portion of the book is devoted to the three basic categories of forecasting models--time series, causal, and judgmental--emphasizing the most widely used models in each category. Special attention is also given to the sources for obtaining the data needed to make forecasts and analyze markets. The latter part of the book describes procedures for developing market and sales potentials, methods for segmenting markets, and some analytic techniques such as conjoint analysis and cluster analysis, gaining increased usage among market analysts.
Download or read book The Relation Between Product Market Competition and the Informativeness of Reported Earning written by Lobna Mansour and published by . This book was released on 2019 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Competition Information and Earnings Management written by Juan Santalo Mediavilla and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Market Expectations and Analyst Forecasts written by Christoph Emanuel Jorns and published by . This book was released on 2009 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Competitiveness and Beating Analyst Earnings Target written by Xueming Luo and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: While Wall Street closely watches financial analysts' earnings forecasts, Main Street often scrutinizes product quality relative to competition. Do firms with superior product competitiveness enjoy greater likelihood of beating analyst earnings target? And if so, is there contingency in this impact? We show that positive changes in product competitiveness contribute to the firm's likelihood of beating analyst earnings target, while negative changes in product competitiveness account for missed earnings target. In addition, this impact of product competitiveness on the likelihood of beating analyst earnings target is more positive in the situations of high firm future growth opportunity and low financial environment uncertainty. These findings innovatively use analyst forecast metrics to reinforce the relationship between product quality, competitive advantage, and financial performance.Our study also cultivates a contingency theory of the marketing-finance interface and allows marketing and finance executives to find common ground in strategic discourse. Overall, this research offers brand new financial analysts-based implications of product competitiveness.
Download or read book Product Market Competition Insider Trading and Stock Market Efficiency written by Joel Peress and published by . This book was released on 2008 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does competition in firms' product markets influence their behavior in equity markets? Do product market imperfections spread to equity markets? We examine these questions in a noisy rational expectations model in which firms operate under monopolistic competition while their shares trade in perfectly competitive markets. Firms use their monopoly power to pass on shocks to customers, thereby insulating their profits. This encourages stock trading, expedites the capitalization of private information into prices and improves the allocation of capital. Several implications are derived and tested.
Download or read book Product Market Competition Efficiency and Agency Costs written by Rachel Griffith and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book COMPETITION BASED MARKET SHARE FORECASTING written by WILLAM T. ROBINSON and published by . This book was released on 1989 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Competition Diversification Strategy and Firm Performance written by N'Takpé Clément N'Cho and published by . This book was released on 2000 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Download or read book Product Market Competition and Industry Returns written by Maria Cecilia Bustamante and published by . This book was released on 2019 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how expected returns interact with product market competition. The model predicts that (i) competition erodes markups, such that firms are more exposed to systematic risk; (ii) the threat of entry by new firms lowers exposure to systematic risk of incumbents; and (iii) higher industry aggregate risk represents a barrier to entry, such that riskier industries become less competitive. We provide empirical evidence consistent with these three channels and for an overall negative relation between returns and competition. We also consider a sample selection correction for publicly listed firms and use it to construct an alternative concentration measure.
Download or read book Product Market Competition and Industry Returns written by Maria Cecilia Bustamante and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Competition Ownership Structure and Capital Structure written by Ernesto Santiago Schargrodsky and published by . This book was released on 1997 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Market Competition Firm Behaviour and Unemployment written by Matthias Wernicke and published by . This book was released on 1998 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
